2004 Financial Services Taxation Conference: A Brave New World

Published on 18 Mar 2004
| Took place at Royal Pines Resort, Gold Coast, National

The program of this conference was structured to deal with many current tax issues facing financial services groups, including banking, funds management and life insurance.

It further explored most of the major tax reform issues affecting the financial services industry. 2003 has seen the enactment of further tranches of consolidation legislation, the first instalment of the long awaiting TOFA regime and the introduction of a bill containing the first tranche of the RITA changes. These seminar materials cover each of these.

Foreign Investment Funds and Capital Gains Tax

Author(s):
Andrew MILLS,
Rob WARD
This seminar paper covers the following topics:
- the new exemption for super entities - a work in progress
- is the 10% a panacea?
- CGT exemptions for non-residents - three stages
- other changes - IWT exemption, new rental WHT and funds management
- general review of FIF - what's still to come.

Part IVA in Wonderland: The New Business Tax System

Author(s):
AH (Tony) SLATER
This seminar paper covers the following topics:
- where is Part IVA heading?
- must a scheme still 'stand on its own feet'?
- how is purpose to be determined?
- what reliance can be placed on making elections?

Product Rationalisation

Author(s):
Michael BROWN
This seminar paper covers the following topics:
- why rationalisation of financial products is an imperative for the industry
- the shared objectives of the product providers, customers and regulators
- the obstacles to product rationalisation - tax and other considerations
- the solution and what we need to do to achieve it.

Materials from this session:

Developments in Life Insurance

Author(s):
Jeremy HIRSCHHORN,
Shez KURUKULASURIYA
This seminar paper covers the following topics:
- practical implications of the Division 320 technical amendments
- identifying and managing life insurance company issues under a consolidation regime
- implications of tax reform for product development and rationalisation
- unresolved issues for life insurance companies.

Transfer pricing issues in a financial services organisation

Author(s):
Damian PRESHAW,
Paul BALKUS
This seminar paper covers the following topics:
- intellectual property in a Financial Services organisation: What is it? How do you price it?
- is a CCA an appropriate pricing method? If so, when?
- case study to illustrate the transfer pricing and related income and withholding tax issues.